JP Morgan Chase & Co. is a US multinational financial services corporation headquartered in New York. It is one of the Big Four US banks along with Bank of America, Citigroup and Wells Fargo, and is the largest bank in the world with a market capitalization of over $420 billion.
The company was formed in 2000, when Chase Manhattan Corporation merged with JP Morgan & Co. The JP Morgan brand, historically known as Morgan, is used by investment banking, asset management, private banking, private wealth management, treasuries and securities services.
The private banking and private wealth management fiduciary business is carried out under the umbrella of JPMorgan Chase Bank, NA. The Chase brand is used for credit card services in the United States and Canada, retail banking in the United States, and commercial banking.
It is also one of the largest wealth management firms in the world with $2.9 trillion under management and $25.4 trillion under custody in 2019. JP Morgan Chase's hedge fund unit is, with $45 billion under management , the third largest hedge fund in the world.
It is listed on the NYSE and is part of the DJIA Component.
The biggest banks in the world: JP Morgan Chase
On November 19, 2013, the Justice Department announced that JPMorgan Chase had agreed to pay $13 billion to settle investigations into its business practices related to mortgage-backed securities.
Of that amount, $9 billion was penalties and fines, while the remaining $4 billion was relief for consumers. This was the largest corporate settlement to date. Conduct at Bear Stearns and Washington Mutual prior to their 2008 acquisitions accounted for much of the alleged wrongdoing.
The settlement did not close the criminal charges. In October 2018, Reuters news agency reported that JP Morgan agreed to pay $5.3 million to settle allegations that it violated Cuban Assets Control Regulations, Iranian sanctions and US WMD sanctions.
mass 87 times, as stated by the United States Department of the Treasury. In February 2019, JP Morgan announced the launch of JPM Coin, a digital token that will be used to settle transactions between customers of its wholesale payments business.
It is the first cryptocurrency issued by a US bank. In September 2020, the company admitted to manipulating the precious metals futures and government bond markets over an eight-year period. It settled with the US Department of Justice, the US Securities and Exchange Commission and the Commodity Futures Trading Commission for payments of $920 million.
JPMorgan will not face criminal charges, however, it will launch a three-year indictment deal. In September 2021, JPMorgan Chase entered the UK retail banking market with the launch of an app-based current account under the Chase brand. This is the company's first retail banking operation outside the United States.
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